Add all of the ingredients to a small pot set over medium heat and stir to combine. Bring to a simmer, then reduce heat to medium-low. Cook for around 5 minutes, stirring occasionally, until the sugar is melted
Remove from heat and let the sauce cool, then transfer to a jar or air tight container and refrigerate for up to 1 month.
Notes
For a spicier sauce, increase the amount of cayenne pepper or add your favorite hot sauce to the mix.